TIDMFOG
FALCON OIL & GAS LTD.
("Falcon")
Filing of Interim Financial Statements
19 November 2021 - Falcon Oil & Gas Ltd. (TSXV: FO, AIM:
FOG) announces that it has filed its interim financial statements
for the three and nine months ended 30 September 2021 and the
accompanying Management's Discussion and Analysis ("MD&A").
The following should be read in conjunction with the complete
unaudited unreviewed interim financial statements and the
accompanying MD&A for the three and nine months ended 30
September 2021, which are available on the Canadian System for
Electronic Document Analysis and Retrieval ("SEDAR") at
www.sedar.com and on Falcon's website at
www.falconoilandgas.com.
2021 financial highlights and other financial updates
-- Strong financial position, debt free with cash of US$9.4 million at 30
September 2021 (31 December 2020: US$11 million).
-- Continued focus on cost management and the efficient operation of the
portfolio.
CONTACT DETAILS:
Falcon Oil & Gas Ltd. +353 1 676 8702
Philip O'Quigley, CEO +353 87 814 7042
Anne Flynn, CFO +353 1 676 9162
Cenkos Securities plc (NOMAD &
Broker)
Neil McDonald / Derrick Lee +44 131 220 9771
Camarco
James Crothers / Rebecca Waterworth
/ Billy Clegg +44 (0)20 3781 8331
Interim Condensed Consolidated Statement of Operations and
Comprehensive Loss
(Unaudited)
Three months Three months Nine months Nine months
ended 30 ended 30 ended 30 ended 30
September September September September
2021 2020 2021 2020
$'000 $'000 $'000 $'000
Revenue
Oil and natural gas revenue - 1 2 3
- 1 2 3
Expenses
Exploration and evaluation
expenses (46) (37) (128) (110)
Production and operating expenses - (3) - (8)
General and administrative
expenses (431) (415) (1,346) (1,415)
Share based compensation (234) - (981) -
Foreign exchange (loss) / gain (60) 29 (178) 18
(771) (426) (2,633) (1,515)
----------------------------------- ------------ ------------ ------------ ------------
Results from operating activities (771) (425) (2,631) (1,512)
Fair value gain -- outstanding
warrant - - - 110
Finance income - 337 3 189
Finance expense (71) (58) (197) (174)
Net finance (expense) / income (71) 279 (194) 15
Loss and comprehensive loss
for the period (842) (146) (2,825) (1,387)
Loss and comprehensive loss
attributable to:
Equity holders of the company (841) (150) (2,823) (1,388)
Non-controlling interests (1) 4 (2) 1
Loss and comprehensive loss
for the period (842) (146) (2,825) (1,387)
----------------------------------- ------------ ------------ ------------ ------------
Loss per share attributable
to equity holders of the company:
Basic and diluted (0.001 cent) (0.000 cent) (0.003 cent) (0.001 cent)
----------------------------------- ------------ ------------ ------------ ------------
Interim Condensed Consolidated Statement of Financial
Position
(Unaudited)
At 30 September At 31 December
2021 2020
$'000 $'000
Assets
Non-current assets
Exploration and evaluation assets 40,194 40,444
Property, plant and equipment 14 4
Trade and other receivables 22 23
Restricted cash 2,299 2,429
42,529 42,900
---------------------------------- --------------- --------------
Current assets
Cash and cash equivalents 9,369 11,036
Trade and other receivables 95 117
9,464 11,153
---------------------------------- --------------- --------------
Total assets 51,993 54,053
----------------------------------- --------------- --------------
Equity and liabilities
Equity attributable to owners
of the parent
Share capital 392,170 392,170
Contributed surplus 46,056 45,075
Retained deficit (397,996) (395,173)
40,230 42,072
Non-controlling interests 699 701
Total equity 40,929 42,773
----------------------------------- --------------- --------------
Liabilities
Non-current liabilities
Decommissioning provision 10,712 10,563
10,712 10,563
---------------------------------- --------------- --------------
Current liabilities
Accounts payable and accrued
expenses 352 717
352 717
Total liabilities 11,064 11,280
----------------------------------- --------------- --------------
Total equity and liabilities 51,993 54,053
----------------------------------- --------------- --------------
Interim Condensed Consolidated Statement of Cash Flows
(Unaudited)
Nine months ended 30 September
2021 2020
$'000 $'000
Cash flows from operating activities
Net loss for the period (2,825) (1387)
Adjustments for:
Share based compensation 981 -
Depreciation 3 -
Fair value gain - outstanding warrant - (110)
Net finance expense 194 (15)
Effect of exchange rates on operating
activities 178 (18)
Transfer of Canadian working interests (28) -
Change in non-cash working capital:
Decrease / (increase) in trade and other
receivables 23 (12)
Decrease in accounts payable and accrued
expenses (8) (134)
Net cash used in operating activities (1,482) (1,676)
Cash flows from investing activities
Interest received 3 16
Property plant and equipment (13) -
Exploration and evaluation assets (160) (48)
Net cash used in investing activities (170) (32)
Change in cash and cash equivalents (1,652) (1,708)
Effect of exchange rates on cash and
cash equivalents (15) 127
Cash and cash equivalents at beginning
of period 11,036 13,066
Cash and cash equivalents at end of
period 9,369 11,485
------------------------------------------ --------------- ---------------
All dollar amounts in this document are in United States dollars
"$", except as otherwise indicated.
About Falcon Oil & Gas Ltd.
Falcon Oil & Gas Ltd is an international oil & gas
company engaged in the exploration and development of
unconventional oil and gas assets, with the current portfolio
focused in Australia, South Africa and Hungary. Falcon Oil &
Gas Ltd is incorporated in British Columbia, Canada and
headquartered in Dublin, Ireland with a technical team based in
Budapest, Hungary.
For further information on Falcon Oil & Gas Ltd. please
visit www.falconoilandgas.com
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Certain information in this press release may constitute
forward-looking information. This information is based on current
expectations that are subject to significant risks and
uncertainties that are difficult to predict. Actual results might
differ materially from results suggested in any forward-looking
statements. Falcon assumes no obligation to update the
forward-looking statements, or to update the reasons why actual
results could differ from those reflected in the forward
looking-statements unless and until required by securities laws
applicable to Falcon. Additional information identifying risks and
uncertainties is contained in Falcon's filings with the Canadian
securities regulators, which filings are available at
www.sedar.com.
(END) Dow Jones Newswires
November 19, 2021 02:00 ET (07:00 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.
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